Published: Tuesday 21st November, 2017
By: T. Chapman
SKN PULSE – The Nevis Reformation Party, the government in waiting has opened up the registration process for their popular Rent To Own Initiative: The proposed initiative allows potential buyers to move into a property immediately without need for a down payment.
With elections due soon, the Nevis Reformation Party has made available an online sign-up form for persons interested in the Rent To Own Initiative.
Such a move is indicative of the level of seriousness about providing an avenue for persons who seek housing but wouldn’t want the hassle of dealing with a bank loan.
Their prosposed plan would have persons pay rent and after an agreed amount of time once the number of required rent payments have been made, the unit would be available for purchase.
However, if at the end of the rental period the person decides not to purchase, the option simply expires.
According to information on the NRP’s website, once the person decides to purchase the property then a portion of the rent accumulated over the period shall be applied to the already established price of the property.
To provide clarity to the way it would work, the Nevis Reformation Party presented this example:
“If the rent is $1000/month, at the end of 5 years, a total of $60,000.00 in equity would have accumulated. If it was agreed that 75% of that would be credited to the purchase price of the unit, then $45,000 would be deducted from the purchase price of the unit”.
The program having gained popularity, NRP has an outline of how the program works on their website: www.nrp.kn. Click below to complete the form for early registration so as to be assured of first preference on units when they become available.
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